The market of stocks continues to grind higher. The Dow rallied for the 7th straight day closing at fresh record near 33000 with Nike, Walgreens, and McDonald’s leading the surge higher. Today, the two-day FOMC meeting begins, and although no policy shift is expected, Fed Chair Jerome Powell’s comments about inflation will most likely direct sentiment. US retail sales at 1230 GMT will also be closely watched. Technically, the momentum indicators seem to be shifting slightly into sell mode and the RSI is pointing lower suggesting profit-booking is likely with 32610 as support level and target.
Support: 32892 / 32800 / 32610
Resistance: 33000
